Added more Wyndham Worldwide on Friday

I continue to add shares of Wyndham Worldwide. I bought some the day after Wyndham reported earnings and shares subsequently dropped 7.5%. While earnings were not great, the big drop put Wyndham well below its ten-year average P/E.

This stock might not be flashy, and growth may be tepid, but the double edge to that sword is that Wyndham will not be acquiring much in this environment, and therefore will have more cash to return to shareholders. Earlier this year Wyndham raised its dividend 18%. I expect more of the same going forward for as long as commercial real estate prices remain high and the market remains flush with investment money.